By Katherine Hobson The big drug industry news yesterday was Pfizer’s announcement that it will buy King Pharma for $3.6 billion, giving the pharma giant a stronger foothold in the painkiller market.But even after adding King to the shopping cart already containing Wyeth — purchased last year for $68 billion — Pfizer’s not likely done with making deals.So says our Dow Jones Newswires colleague Peter Loftus in his post on the WSJ’s The Source blog, arguing that the company will have to keep on the M&A hunt “to successfully navigate the next few years.” He writes:The Wyeth deal diversified Pfizer and landed some gems including the Prevnar childhood vaccine. But it hasn’t stopped Pfizer from suffering setbacks in its expensive quest to bring new drugs to market. Repeated research failures have made it more difficult for Pfizer to replace billions of dollars in revenue that will be lost to generic competition in coming years,nike free maratonki, most notably when cheap copycat versions of Lipitor are expected to hit the U.S. market in November 2011. Investors now place virtually no value on Pfizer’s pipeline of experimental drugs, and instead look to cost savings and cash flow from existing products as sources of Pfizer’s strength in coming years.For more on what type of deals Pfizer’s likely to pursue, read the full post.Correction: An earlier version of this post incorrectly stated that Pfizer purchased Wyeth for $68 million.Photo: Associated PressBy Katherine Hobson Pfizer is ponying up $3.6 billion for King Pharmaceuticals.As the WSJ reports, the pharma behemoth is paying $14.25 a share for King,nike obuv, which brings to the table a “prescription pharmaceutical business focused on delivering new formulations of pain treatments, an emergency drug delivery business that developed the EpiPen and an animal health business,” the WSJ says.Pfizer and other Big Pharma companies faced with the patent cliff have pegged animal health as a growth area,nike slovensko, spurred by demand in emerging markets.For Pfizer, it’s a far smaller purchase than its $68 billion acquisition of Wyeth last year. The companies hope to close the deal by the end of the year.The WSJ’s Deal Journal blog reports on some newly enriched King shareholders who are likely smiling into their cornflakes this morning.Photo: Associated Press

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